Battilossi, Stefano; Escario, Regina; Foreman-Peck, James - In: Cliometrica, Journal of Historical Economics and … 7 (2013) 3, pp. 267-294
In the second half of the 20th century, Spain provides a case of political regime change, which according to some political economy models should also lead to a shift in the cyclical nature of fiscal policy. We find that in most of the pre-democratic era, there was a strong procyclical bias to...